The STP broker businesses model has several benefits for retail forex traders vs ECN and dealing desk brokers. In this review, we’ll discuss the meaning of STP and its pros and cons. We also list the best STP brokers for forex and CFD trading.
Top 6 STP Brokers
-
- Demo account
- Platforms: MT4, MT5, TradingCentral
- Min. deposit: $5
-
- Demo account
- Min. deposit: $100
- Min. trade: 0.01 Lots
-
- Demo account
- Regulator: FCA, ASIC, CMVM , FSCA, SCB, FSA
- Platforms: TN Trader, MT4, TradingView
-
- Demo account
- Regulator: CySEC, MISA
- Platforms: MT4, MT5
-
- Demo account
- Regulator: FCA, ASIC, FSCA, VFSC, CIMA
- Min. deposit: $50
-
- Demo account
- Platforms: MT4, MT5, TradeLocker
- Min. deposit: $50
Learn how we test brokers and why you can trust our ratings.
This is why we think these brokers are the best in this category in 2026:
- XM 4.8/5 XM is a globally recognized forex and CFD broker with 20+ million clients in 190+ countries. Since 2009, this trusted broker has been delivering low trading fees across its growing roster of 1000+ instruments. It also offers a comprehensive MetaTrader experience that we've observed firsthand placing test trades.
- AvaTrade 4.9/5 Established in 2006, AvaTrade is a leading forex and CFD broker trusted by over 400,000 traders. Operating under regulation in 9 jurisdictions, AvaTrade processes an impressive 2+ million trades each month. Through like MT4, MT5, and its proprietary WebTrader, the broker provides a growing selection of 1,250+ instruments. Whether it’s CFDs, AvaOptions, or the more recent AvaFutures, short-term traders at all levels will find opportunities. With terrific education and 24/5 multilingual customer support, AvaTrade delivers the complete trading experience.
- Trade Nation 4.4/5 Trade Nation is a top FX and CFD broker regulated in multiple jurisdictions including the UK and Australia. The firm offers low-cost fixed and variable spreads on 1000+ assets with robust trading platforms and training materials. The Signal Centre can also be used for trade ideas.
- FXCC 4.6/5 FXCC is an established broker that’s been offering low-cost online trading since 2010. Registered in Comoros Union and regulated by the CySEC, it stands out for its ECN trading conditions, no minimum deposit and smooth account opening that takes less than 5 minutes.
- Vantage 4.7/5 Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to millions of clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
- Plexytrade 3.9/5 Established in 2024 and headquartered in Saint Lucia, Plexytrade is an ECN/STP broker. Geared towards active traders, it supports four account options, crypto deposits and withdrawals, plus very high leverage up to 1:2000 made possible by its unregulated status.
Community Sentiment
See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.
| Broker | Our Users' Rating | Trustpilot Score | Trustpilot Reviews | iOS App Rating | Android App Rating |
|---|---|---|---|---|---|
| XM | 3134 | ||||
| AvaTrade | 13590 | ||||
| Trade Nation | 2156 | ||||
| FXCC | 221 | ||||
| Vantage | 15680 | ||||
| Plexytrade | 95 |
XM
With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years.
Christian Harris, Reviewer
XM quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
- Regulator
- CySEC, DFSA, FSCA, SCA, FSA, FSC-Belize, FSC-Mauritius, CMA-Kenya, CMA-UAE
- Platforms
- MT4, MT5, TradingCentral
- Minimum Deposit
- $5
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, JPY, ZAR
Pros
- XM’s Zero account is ideal for day trading with spreads from 0.0 pips, 99.35% of orders executed in <1 second, and no requotes or rejections.
- XM has rolled out platform upgrades with integrated TradingView charts and an XM AI assistant, delivering faster execution, smarter analysis, and a sleeker, more intuitive trading experience.
- XM’s growing roster of 1,400+ instruments provides diverse short-term trading opportunities, with unique turbo stocks, fractional shares, and more recently thematic indices.
Cons
- XM is falling behind the curve by not offering cTrader, which is favored over MetaTrader by some serious traders for its smoother user experience and superior charting package.
- Although trusted and generally well-regulated in some regions, XM also has global entities registered with the weak regulators like FSC (Belize) and FSA (Seychelles), whilst UK clients are no longer accepted, reducing its market reach.
- XM relies solely on the MetaTrader platforms for desktop trading, so there’s no in-house downloadable solution for a more beginner-friendly user experience with unique features.
AvaTrade
AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets.
Jemma Grist, Reviewer
AvaTrade quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
- Regulator
- ASIC, CySEC, FSCA, ISA, CBI, JFSA, BVI, FSRA/ADGM, AFM, CMA-Kenya, CIRO (via Friedberg Direct)
- Platforms
- WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingView, TradingCentral, DupliTrade
- Minimum Deposit
- $100
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, ZAR
Pros
- Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
- AvaTrade launched AvaFutures to offer low-margin access to global markets, then expanded in 2025 as one of the first brokers to add CME’s Micro Grain Futures, and then later in the year went further by integrating with TradingView.
- The WebTrader excelled in our hands-on tests, sporting a user-friendly interface for beginners, complete with robust charting tools like 6 chart layouts and 60+ technical indicators.
Cons
- AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
- The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
- While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
Trade Nation
Trade Nation suits discretionary traders who want to speculate on major indices like the US 500 or liquid FX pairs, and want the predictable all-in costs of fixed spreads. In tests, we found the fixed-spread TN Trader environment particularly useful for trading around scheduled economic releases owing to its reliable charting environment and because published spreads stayed capped.
Christian Harris, Reviewer
Trade Nation quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Indices, Shares, Commodities, Futures, Bonds, Spread Betting (UK and Ireland only), Cryptos (Bahamas entity only)
- Regulator
- FCA, ASIC, CMVM , FSCA, SCB, FSA
- Platforms
- TN Trader, MT4, TradingView
- Minimum Deposit
- $0
- Minimum Trade
- 0.1 Lots
- Account Currencies
- USD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK
Pros
- The broker expanded into Europe with regulated online trading services after securing authorization from Portugal's CVMV, boosting its safety protections for European residents.
- In testing of the TN Trader account under normal market conditions, fixed spreads held while fills were prompt on major forex pairs, with a slight drift in the entry level as price ticked between click and fill.
- Trade Nation's 2026 partnership with Volt has sped up payments for Australian traders, who can now make instant deposits and withdrawals using PayID, with the faster payout capabilities planned for clients in the UK and EU.
Cons
- Withdrawals can take up to five business days, which is around the industry average but slower than the 1-3 days we’re increasingly seeing brokers offer in an attempt to quash withdrawal complaints from retail investors.
- The 2–20% rebate scheme is closed to FCA, CMVM, and ASIC clients, meaning active day traders in these regions who would benefit from transaction rebates cannot claim them.
- There is no raw or ECN pricing tier, which are often prefered by day traders. No matter how much you deposit or trade, you use the same fixed (or variable on MT4) pricing as beginners, making it unsuitable for scalpers especially.
FXCC
FXCC continues to prove itself an excellent option for day traders with a particularly strong selection of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and a free VPS for qualifying traders.
Jemma Grist, Reviewer
FXCC quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Metals, Energies, Crypto
- Regulator
- CySEC, MISA
- Platforms
- MT4, MT5
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD
Pros
- Customer support still relies on human agents with response times of under three minutes on live chat during our tests and knowledgeable reps - a welcome break from the frustrating AI chatbots increasingly offered by brokers.
- FXCC has stepped up its offering over the years, adding MT5 to its suite of platforms, hundreds of stocks and more cryptos to its product line-up, plus a copy trading feature and greater margin trading opportunities.
- The free VPS for qualifying traders and the ability to build or buy EAs on MetaTrader make FXCC a strong option for algo traders.
Cons
- Although FXCC has bolstered its range of markets with US, European and Asian stocks, the choice of metals and energies is light, and there are no soft commodities.
- FXCC charges steep withdrawal fees on many of its payment methods, including $45 for bank transfers and 2% crypto transfers, which may cut into the returns of traders making regular withdrawals.
- Although regulated by the CySEC, FXCC’s offshore entity operates with weak regulatory oversight from MISA and may not provide safeguards like investor compensation in the event of broker insolvency.
Vantage
Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly.
Jemma Grist, Reviewer
Vantage quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
- Regulator
- FCA, ASIC, FSCA, VFSC, CIMA
- Platforms
- ProTrader, MT4, MT5, TradingView, TradingCentral, DupliTrade
- Minimum Deposit
- $50
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
Pros
- The broker has made efforts to expand its suite of CFDs providing further trading opportunities
- Vantage has bolstered its algorithmic trading tools for advanced traders with AutoFibo EA identifying reversal opportunities
- There are no short-term strategy restrictions with hedging and scalping permitted
Cons
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
Plexytrade
Plexytrade is a newcomer in the brokerage scene with attention-grabbing features like 1:2000 leverage, zero spreads on select instruments and fast execution speeds of less than 46 milliseconds. However, the absence of regulation is a significant concern, while the non-existent research and educational tools place it far behind industry frontrunners.
Christian Harris, Reviewer
Plexytrade quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Indices, Stocks, Commodities, Crypto
- Platforms
- MT4, MT5, TradeLocker
- Minimum Deposit
- $50
- Minimum Trade
- 0.01
- Account Currencies
- USD, EUR
Pros
- Sub 50ms execution speeds are fast enough for intraday trading setups.
- The choice of accounts provides a solution for various trading styles, with Gold Raw appealing to day traders owing to its spreads from 0.0 pips.
- There are various VPS packages starting from $50 per month, but they become complimentary once specific deposit thresholds are reached.
Cons
- Deposits and withdrawals are exclusively facilitated through cryptocurrencies, as Plexytrade does not support bank cards, bank wire transfers, or e-wallets.
- With around 100 instruments, Plexytrade restricts the flexibility of investors who prefer to trade across various assets, especially compared to Blackbull with its 26,000 securities.
- There are no social or copy trading features for inexperienced traders to replicate the trades of more experienced investors, trailing category leaders like eToro.
What Is An STP Broker?
STP stands for Straight Through Processing and is a type of technology used by brokers to electronically pass trades directly to the market. STP forex brokers execute trades on behalf of clients by sending them straight to liquidity providers, such as banks or interbank exchange houses. Trades do not pass through a dealing desk, instead, they go directly to the market.
No Dealing Deck Vs Dealing Desk
STP brokers are a type of No Dealing Desk (NDD) broker, meaning they do not use a dealing desk to complete a trade. Dealing desk brokers, known as market makers, fill the opposite end of a client’s trade. They do this either by finding another client to take the opposite side or by taking the trade themselves.
Since market makers do not connect directly to the wider market, there is a limited number of clients that can take the opposite side of your trade. Therefore, often the broker will buy the stock you’re selling, for example, making the market themselves.
Regulated STP forex brokers have slightly different licenses to market makers. They are known as A-book brokers, where market makers are known as B-book.
STP Vs ECN
Another type of NDD provider is an ECN (Electronic Communication Network) broker. These are similar to STP brokers in that they both send trades directly to the market. However, ECN brokers act as a liquidity hub, bringing together banks and financial institutions that compete to take the opposing side of your trade.
Pros Of STP Brokers
STP brokers are often favoured by retail traders. Their business model comes with several benefits:
- Processing speed – The STP technology used by these brokers means that trade execution occurs electronically and at high speed. Some market maker brokers also use software to process trades, but many complete them manually via a dealing desk. This can be a slow process and can result in requotes if the market is volatile.
- Quotes reflect the market – STP brokers trade directly with the market. Therefore, their quotes accurately reflect prices. Market makers may offer artificial quotes to improve their margins.
- No conflict – Market maker brokers profit when their clients lose since they’ve often taken the other side of the trade. This can cause some brokers to operate in ways that may conflict with their client’s ability to win. For example, they might offer artificial quotes or pick and choose which orders they fill. STP brokers are linked directly to the market and so have no profit motive behind client losses. In fact, if clients profit, they’ll often invest more with the broker whose revenue will grow.
- Lot sizes – ECN brokers typically restrict trades to a minimum lot size of 0.1 – the equivalent of 10,000 units of the base currency. This is because banks and other financial institutions operate on this minimum trade size. This can be prohibitive to retail traders, who may want to trade smaller values. STP brokers can often offer lower minimum lots. XTB, for example, has a minimum lot size of 0.01 while Interactive brokers has no minimum order size – you can place a trade for as little as 1 unit of the base currency.
Cons Of STP Brokers
Since STP brokers operate with most of the benefits of both ECN and market-markers, drawbacks are limited:
- Spreads – STP brokers tend to offer wider spreads vs dealing desk brokers. This is because dealing desk brokers make money from their clients’ losses. Therefore, they do not need to make as much revenue through spreads. With STP brokers, their revenue is coming solely through the spreads and commission they offer.
- Hybrid models – Some dealing desk brokers take a hybrid approach. They may pass some trades onto the market and take the other side of the trade on others. It can be difficult to know which brokers operate in this way. Seeking clarity from the broker’s customer support team via a contact number may help.
Identifying STP, ECN & Market Maker Brokers
It can be difficult to determine if a broker is a true ECN broker, STP or market maker. Some brokers do not make their business model clear to clients. However, some clues will help you work it out for yourself:
- Minimum lot size – If your broker is offering a minimum lot size below 0.1, they are probably not an ECN broker. The lowest minimum lot sizes are usually offered by market makers and STP brokers.
- Spreads – Brokers claiming to have the tightest spreads and be the cheapest around could be market makers. They often make money from client losses and so do not need to create as much revenue through spreads. Also, ECN brokers typically offer tight spreads but charge commissions to generate profit.
- Scalping rules – Scalping is a trading strategy that utilises inefficiencies in market quotes to make a profit. Traders can make healthy returns using scalping strategies, which can hurt a market maker’s bottom line. But most importantly, market makers will find it difficult to fill orders at the speed required for scalping strategies. Therefore, forex scalping is often not permitted at market makers and is instead more common at ECN and STP brokers in most countries, including the USA, UK, Australia, South Africa and more.
Final Word O
STP brokers are those with the technology to execute forex trades directly with the market. They offer quick processing times and accurate quotes whilst allowing small lot sizes which makes them a good choice for retail traders. However, it’s not always easy to know if your broker follows an STP model. If you start to experience slippage, quotes you feel are not in line with the market or requotes that you’re not happy with, you may want to switch to one of the STP brokers in our list above.
FAQ
What Is An STP Broker?
An STP broker routes trades directly to the market using Straight Through Processing technology. They follow a No Dealing Desk model (NDD). STP brokers are usually the preferred choice for retail traders due to accurate market quotes and fast processing.
How Can I Tell If My Broker Is A Market Maker?
Brokers may make it tricky to unpick their business model as no dealing desk brokers are often preferred by retail traders. With that said, there are some clues that you can look for. For example, stringent rules on trading behaviours, extra tight spreads and regular requotes indicate they could be a market maker.
Are NDD Brokers And STP Brokers The Same?
Yes, an STP broker is a type of no dealing desk (NDD) broker. They send your trades directly to the market rather than through a dealing desk. ECN brokers are another type of NDD broker. Dealing desk brokers are sometimes called market makers.